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  1. #1
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    Rapid Amortization Events

    did anyone else read the articles that FORA and Rapid Finance and NFAS (which co is this) had a RAE reported by Kroll Bond Agency?

  2. #2
    I saw those press releases. I'm curious how On Deck has escaped a RAE. Or maybe it's already happened but hasn't been publicized.

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  4. #4
    Veteran Reputation points: 120462 Chambo's Avatar
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    Quote Originally Posted by Onepointwhat View Post
    I saw those press releases. I'm curious how On Deck has escaped a RAE. Or maybe it's already happened but hasn't been publicized.
    they are publicly traded, it would have to be reported somewhere

  5. #5
    FUND IT! Reputation points: 2147483647 Sean Cash's Avatar
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    "As of May 7, 2020, an early amortization event occurred with respect to the Series 2019-1 notes issued by OnDeck Asset Securitization Trust II LLC, or ODAST II as a result of an asset amount deficiency in that Series. Beginning on the next payment date under the ODAST II Agreement, all remaining collections held by ODAST II, after payment of accrued interest and certain expenses, will be applied to repay the principal balance of the Series 2018-1 notes and the Series 2019-1 notes on a pro rata basis."

    https://www.sec.gov/Archives/edgar/d...3110qfinal.htm

  6. #6
    Quote Originally Posted by Sean Cash View Post
    "As of May 7, 2020, an early amortization event occurred with respect to the Series 2019-1 notes issued by OnDeck Asset Securitization Trust II LLC, or ODAST II as a result of an asset amount deficiency in that Series. Beginning on the next payment date under the ODAST II Agreement, all remaining collections held by ODAST II, after payment of accrued interest and certain expenses, will be applied to repay the principal balance of the Series 2018-1 notes and the Series 2019-1 notes on a pro rata basis."

    https://www.sec.gov/Archives/edgar/d...3110qfinal.htm
    Thanks, Sean. Figured it was inevitable for them. I just missed seeing it.

  7. #7
    FUND IT! Reputation points: 2147483647 Sean Cash's Avatar
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    Also they just filed more info about this and others after the closing bell today: https://www.sec.gov/Archives/edgar/d...waiver0514.htm

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